Russia Looks to Integrate Crypto Into its Financial System

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The Russian central bank is actively searching for a place for digital assets in its financial system.

The Central Bank of Russia (CBR) wants to integrate cryptocurrencies and blockchain technology into its local financial economy not minding the stack of prevalent global financial sanctions. Therefore, CBR is currently exploring strategies focused on how this integration can be achieved.

Once the apex bank is able to come up with a working strategy, Russia may be looking at more detailed rules for taxing Non-fungible tokens (NFT), and smart contracts including trading digital assets. A 32-page public consultation report tagged ‘Digital Assets in Russian Federation has been released to that effect. Also, the report is open to public comments until December 7th as it has listed twenty questions for consultation.

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Firstly, the consultation report started with a discussion on Distributed Ledger Technology (DLT) and the emergence of new tools and services.

The report analyzes how Russia can make its domestic market access for foreign digital asset service providers particularly those from friendly countries.

The case of the crypto regulatory framework, especially similar to traditional securities, was outlined. Retail investors’ protection, digital property rights in terms of smart contracts and tokenization, accounting, and taxation proposals were also considered.

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Russia to Embrace Crypto Regulation Amid Sanctions

Another suggestion discussed in the report is that digital assets can be traced in the traditional stock markets.

Although the rule of entry for some investors may include the completion of a financial literacy test. Meanwhile, in September Russia attempted to utilize cryptocurrencies for cross-border transactions and settlements in the face of several sanctions. 

Noteworthy, the European Union has issued the eighth wave of sanctions against Russia. This is in addition to all the previously enforced sanctions and the devastating ones imposed by the United States.

At that time, both the country’s central bank and Ministry of Finance agreed to draft a law that would regulate cross-border crypto payments.

Russian government financial intelligence body Rosfinmonitoring pointed out “The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision.”

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